Company Overview - Jiangsu Jingyan Technology Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on November 29, 2004. The company went public on October 19, 2017. Its main business involves MIM products, with recent expansions into transmission, precision plastics, heat dissipation, intelligent manufacturing services, and electronic manufacturing sectors [1]. Business Composition - The revenue composition of the company's main business is as follows: MIM components and assemblies account for 59.24%, transmission and heat dissipation components and others make up 25.79%, precision plastic components and assemblies represent 7.99%, other supplementary products are 4.27%, and end products constitute 2.71% [1]. Fund Holdings - According to data, one fund under China Ocean Fund holds a significant position in Jingyan Technology. The China Ocean Dividend and Growth Mixed Fund (398011) held 190,000 shares in the second quarter, representing 3.91% of the fund's net value, making it the fifth-largest holding. The estimated floating loss today is approximately 526,300 yuan [2]. Fund Performance - The China Ocean Dividend and Growth Mixed Fund (398011) was established on June 16, 2005, with a current scale of 190 million yuan. Year-to-date, it has achieved a return of 27.86%, ranking 3312 out of 8172 in its category. Over the past year, it has returned 85.13%, ranking 1060 out of 7995, and since inception, it has returned 313.83% [2]. Fund Management - The fund manager of the China Ocean Dividend and Growth Mixed Fund (398011) is Qiu Hongli, who has been in the position for 11 years and 191 days. The total asset size of the fund is currently 331 million yuan, with the best return during her tenure being 111.1% and the worst being -50.72% [3].

Core Viewpoint - The company, Jingyan Technology, specializes in MIM components for foldable smartphones and has begun mass production of cooling solutions, positioning itself for growth in various sectors including smart wearables and data servers [1][2][5]. Group 1: Company Overview - Jingyan Technology's main products include MIM components and modules, with a significant portion of revenue derived from these products, accounting for nearly 60% of total revenue [2][6]. - The company reported a revenue of 1.415 billion yuan in the first half of 2025, representing a year-on-year growth of 41.19%, and a net profit of 80.75 million yuan, up 36.37% [2][6]. Group 2: Market Position and Opportunities - The foldable smartphone market is expected to see a shipment of around 10 million units in China by 2025, with a compound annual growth rate of 10.6% projected until 2028 [5]. - The anticipated entry of Apple into the foldable smartphone market is expected to accelerate industry growth, with foldable phone sales projected to increase by 40%-60% in 2026 [5][6]. Group 3: Product Applications and Expansion - MIM components are being utilized in various fields, including smart wearables and data servers, with the company increasing its MIM production capacity [8]. - The company plans to raise up to 578 million yuan through convertible bonds to fund new production projects for precision MIM components and expand its R&D capabilities [8][9]. Group 4: Cooling Solutions and New Growth Points - The company has begun mass production of cooling solutions, including liquid cooling modules and heat pipes, targeting applications in energy storage and edge computing servers [9]. - The liquid cooling business is expected to benefit from increased domestic investment in computing infrastructure, potentially becoming a new growth driver for the company [9]. Group 5: Institutional Perspectives - Analysts from Zhonghang Securities and Huaxin Securities express optimism about the company's ability to capitalize on high-growth trends in the foldable screen and cooling sectors [10].

Core Insights - The company announced on September 15 that new consumer electronic products such as smartwatches and AI smart glasses are increasingly gaining market recognition [1] - MIM technology is suitable for mass production of small, complex parts, which possess excellent mechanical properties and high strength, aligning well with the precision metal component requirements of wearable devices [1] - The trend towards lightweight and thin wearable products is driving the demand for components with wear resistance, high strength, and lightweight characteristics, leading to a shift towards high-strength, lightweight materials [1] - Titanium alloys and other lightweight alloys are rapidly being adopted in various segments of consumer electronics due to their outstanding strength and corrosion resistance [1] - The company possesses MIM titanium alloy production technology, which meets customer demands and has already achieved mass application in some products [1]

Group 1 - The company, Jingyan Technology (300709), announced on September 15 that it expects significant revenue growth in the first half of 2025 [1] - The accounts receivable at the end of the reporting period are still within the payment term, indicating an increase in accounts receivable balance [1] - The company has made provisions for credit impairment according to relevant accounting standards due to the increase in accounts receivable [1]

Group 1 - The core focus of the company’s foldable screen business is on two main areas: the power module segment (hinges for foldable smartphones) and the metal manufacturing segment (MIM parts for hinge components) [1] - In terms of revenue contribution, the MIM parts for hinge components account for a higher overall proportion compared to the power module segment [1]

Core Viewpoint - The company has established part of its MIM production capacity in its Vietnamese subsidiary and is responding to customer demands for local production [1] Group 1 - The Vietnamese subsidiary has begun to set up part of its MIM production capacity [1] - Some transmission customers are requesting the company to build production capacity in Vietnam to meet their needs for local sourcing [1] - The local processing capabilities in Vietnam are limited, making the establishment of a site there favorable for many customers [1] Group 2 - The company is actively expanding its market and business in Vietnam [1] - The Vietnamese subsidiary will gradually ramp up production according to customer requirements [1]

Core Viewpoint - Jingyan Technology's stock price has shown a significant increase of 27.76% year-to-date, despite a recent decline of 11.74% over the past five trading days [2] Company Overview - Jiangsu Jingyan Technology Co., Ltd. was established on November 29, 2004, and went public on October 19, 2017. The company is located in Changzhou, Jiangsu Province [2] - The main business of Jingyan Technology focuses on MIM products, with recent expansions into transmission, precision plastics, heat dissipation, smart manufacturing services, and electronic manufacturing sectors [2] - The revenue composition of Jingyan Technology includes: MIM components and assemblies (59.24%), transmission and heat dissipation components (25.79%), precision plastic components (7.99%), other (4.27%), and end products (2.71%) [2] Financial Performance - For the first half of 2025, Jingyan Technology achieved operating revenue of 1.415 billion yuan, representing a year-on-year growth of 41.19%. The net profit attributable to shareholders was 80.75 million yuan, up 36.37% year-on-year [2] - Since its A-share listing, Jingyan Technology has distributed a total of 182 million yuan in dividends, with 50.24 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders of Jingyan Technology was 27,800, a decrease of 14.37% from the previous period. The average circulating shares per person increased by 17.19% to 5,366 shares [2] - Notable institutional shareholders include Huaan Media Internet Mixed Fund (third largest shareholder with 3.3825 million shares), Huaxia Industry Prosperity Mixed Fund (seventh largest with 2.6293 million shares), and Hong Kong Central Clearing Limited (tenth largest with 2.2257 million shares) [3]

Group 1: Manufacturing Processes - MIM, CNC, stamping, and 3D printing are complementary manufacturing processes, each suited for different product needs and production scenarios [1][2] - MIM excels in producing small, complex 3D metal parts in large quantities, offering significant cost benefits [1] - Stamping is efficient for high-volume production of 2D shaped parts with thin walls, providing competitive unit costs [1] - CNC allows for high precision and complex structures but typically at a higher cost [2] - 3D printing is advantageous for small batches and highly complex prototypes, though it incurs higher production costs due to additional post-processing [2] Group 2: Foldable Screen Business - The foldable screen business includes two main areas: the power board segment (foldable phone hinges) and the metal manufacturing segment (MIM parts for hinge assemblies) [3] - MIM parts for hinge assemblies represent a higher revenue share compared to other components [3] - Growth potential in the foldable screen market is driven by hardware optimization, software ecosystem maturity, and potential price reductions in the supply chain [4] - Speculation about major North American brands launching foldable products could significantly influence the industry [4] Group 3: MIM Applications in Wearable Technology - MIM technology is well-suited for mass production of small, complex parts required in wearable devices like smartwatches and AI glasses [5][6] - The trend towards lightweight and high-strength materials in wearable electronics aligns with MIM's capabilities, particularly with titanium alloys [6] Group 4: Financial Performance and Projections - The net cash flow from operating activities decreased significantly compared to the previous year due to reduced receivables and increased employee compensation [7] - For 2025, the company aims for a revenue growth rate of at least 20% and a net profit growth rate of at least 25% compared to 2024 [7] - The company is confident in achieving its performance targets for the year [7] Group 5: Asset Management and Production Capacity - Asset impairment provisions were made based on comprehensive asset evaluations, influenced by order status and inventory age [8] - The increase in accounts receivable provisions is attributed to significant revenue growth and the corresponding rise in receivables [8] - The Vietnam subsidiary is expanding production capacity to meet customer demands and is actively exploring local market opportunities [8]

Market Overview - On September 9, the consumer electronics sector experienced a decline of 3.83%, with Jingyan Technology leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Chuan Yi Technology (002866) with a closing price of 20.76, up 10.02% [1] - Zhi Shang Technology (301486) at 99.80, up 8.68% [1] - Transsion Holdings (688036) at 95.00, up 7.50% [1] - Conversely, significant decliners included: - Jingyan Technology (300709) at 51.30, down 11.54% [2] - Tonglian Precision (688210) at 48.21, down 10.66% [2] - Lens Technology (300433) at 29.83, down 9.61% [2] Trading Volume and Capital Flow - The trading volume for Chuan Yi Technology reached 244,200 shares with a transaction value of 506 million yuan [1] - The consumer electronics sector saw a net outflow of 5.353 billion yuan from main funds, while retail investors contributed a net inflow of 4.024 billion yuan [2]

消费电子板块午后跌幅扩大，精研科技跌超10%，蓝思科技跌超9%，凯旺科技、联创光电、东尼电子 跟跌。 ...